Tax Invoice

Tax Invoice
A tax invoice is​ a​ legal document that offers a​ look at​ what the​ GST is​ for a​ transaction .​
Read on​ to​ learn about your obligations for issuing,​ holding,​ and supplying the​ different types of​ tax invoices.
You can easily learn what the​ general requirements are for keeping tax invoices and what you​ can do if​ you​ receive a​ tax invoice too late to​ claim a​ GST credit,​ as​ well as​ what the​ requirements are for issuing tax invoices that are specific to​ the​ value of​ the​ supplies,​ and how you​ can issue duplicate tax invoices.
It is​ generally true that in​ order to​ claim a​ GST credit for a​ supply of​ more than $50,​ including GST,​ you​ must hold a​ tax invoice.
When you​ supply goods and/or services to​ another person who is​ registered,​ you​ must be able to​ provide a​ tax invoice within 28 days when the​ purchaser asks you​ for one .​
You could be charged with penalties if​ you​ do not supply the​ purchaser with a​ tax invoice after such a​ request is​ made.
For claims on​ supplies that are worth $50 or​ more,​ you​ must hold a​ tax invoice in​ order to​ claim a​ credit .​
You cannot claim your credit if​ you​ do not hold a​ tax invoice.
This means that you​ cannot claim a​ credit for a​ purchase when your return is​ due if​ you​ do not hold a​ tax invoice .​
If this should happen,​ there is​ something you​ can do .​
You can claim a​ credit for the​ purchase in​ a​ later return when you​ actually do receive and hold the​ tax invoice.
For supplies of​ $50 or​ less,​ including GST,​ a​ tax invoice is​ not needed .​
It is​ suggested,​ however,​ that you​ do keep a​ record of​ such things as​ invoices,​ vouchers,​ and/or receipts for these purchases .​
Minimally,​ you​ should at​ least keep a​ record of​ the​ date,​ description of​ the​ supply,​ the​ cost,​ and also the​ name of​ the​ supplier.
When dealing with supplies with a​ worth of​ $1,​000 or​ more,​ including GST,​ the​ tax invoice must clearly display several facts .​
These include the​ words ‘tax invoice’ in​ a​ prominent place,​ the​ name,​ or​ trade name,​ and GST number of​ the​ supplier,​ the​ name and address of​ the​ supply’s recipient,​ the​ date it​ was issued,​ a​ description of​ the​ goods and/or services that was supplied,​ and also the​ quantity,​ or​ volume,​ of​ the​ goods and/or services that was supplied.
The tax invoice must also include the​ amount,​ excluding tax,​ that was charged for the​ supply,​ the​ GST content,​ and also the​ total amount that was payable for the​ supply .​
If you​ don’t have this information,​ it​ must include a​ statement that the​ GST,​ if​ it​ has been,​ is​ included in​ the​ final price.
If the​ tax invoice covers multiple supplies that add up to​ a​ total over $1,​000,​ then all the​ details listed above are required.
For supplies that are valued between $50 and $1,​000,​ including GST,​ a​ simplified tax invoice is​ acceptable.
This type of​ tax invoice must clearly show the​ words ‘tax invoice’ in​ a​ prominent place,​ the​ name and GST number of​ the​ supplier,​ the​ date that it​ was issue,​ as​ description of​ the​ goods and/or services that were supplied,​ and the​ total amount that is​ payable for the​ supply,​ as​ well as​ a​ statement that the​ GST is​ included.
A tax invoiced is​ not required for supplies that total $50 or​ less,​ including GST.
There cannot be duplicate tax invoices .​
a​ registered person is​ only allowed to​ issue one original tax invoice for each taxable supply .​
However,​ if​ a​ purchaser loses an​ invoice,​ then the​ supplier may issue a​ copy that must clearly be marked ‘copy only’ right on​ it.
Tax Invoice Tax Invoice Reviewed by Henda Yesti on July 01, 2018 Rating: 5

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